Business Desk :
City Bank has recently arranged funding to help set up a high speed diesel (HSD) fired Power Plant of Bangla Trac Group in Daudkandi upazila of Cumilla.
The Bangla Trac Power Unit 1 Limited (BTP1) has a capacity of 200 MW, said a press release.
Under the syndication arrangements, City Bank has arranged long term facilities totalling Tk3,420 million & $25 million from Shahjalal Islami Bank Limited, NRB Commercial Bank Limited, The City Bank Limited, Islamic Finance & Investment Limited, IDLC Finance Limited and Mashreq Bank of United Arab Emirates.
As part of this syndication, Mashreq Bank has provided long term funding of $25 million towards the BTP1.
Under the arrangement, City Bank has provided a standby letter of credit (SBLC) Guarantee to Mashreq Bank as security for the Bangla Trac Group’s project.
The signing of loan agreement took place in respective Head Offices of Mashreq Bank in Dubai, City Bank and BTP1 in Dhaka.
Sheikh Mohammad Maroof, Additional Managing Director, City Bank, Zainal Abedin, Director – Technical, BTP1, Mohammad Jahangir Alam, Cluster Head, Public sector, PPP & Service sector, City Bank and Mahbub Jamil, Head of Structured Finance, City Bank signed the agreement on this occasion.
Iqbal H Khanyari, Senior Vice President, Head of ICD & Islamic Banking, Mashreq Bank, Ali Asghar Hamid, Vice President, Senior Relationship Manager, ICD & Islamic Banking, Mashreq Bank, M Jahangir Alam, FCMA, Group CEO, Bangla Trac Group, Fahad Mahmud Islam, CFO, Bangla Trac Group were also present in this signing event.
